Big SALE – 20/7 Commonwealth Pde, Manly.
A Manly penthouse without a garage has just sold for $6.6 million, the latest in a string of record-breaking sales of lifestyle apartments in the suburb.
Agents are saying good Manly apartments with a view and lifestyle appeal are selling for $1 million more than 12 months ago and downsizers who previously had a budget of $3 million are now wanting something in the $5 million zone.
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The three-bedroom penthouse of Montreaux at 20/7 Commonwealth Pde, Manly had a guide of $4.5 million to $4.9 million and was due to be auctioned this Saturday.
Most of the interest came from downsizers but two buyers fought it out before auction and the whole-floor apartment sold for $6.6 million, a record for a Manly harbourside unit.
20/7 Commonwealth Pde, Manly.
Adam Moore, of Stone Real Estate Manly, said the c1916 landmark building only had one open car space for the penthouse but it had awe-inspiring views and was opposite Manly Cove.
“The first offer was $5 million and although downsizers make up most of our market at that level it was bought by a young IT entrepreneur,” he said.
“Good Manly apartments with a view have gone berserk. Everything has gone up $1 million in almost 12 months.
20/7 Commonwealth Pde, Manly.
“Even two-bedroom units in Manly with views are now selling for over $3 million,” he said.
Mr Moore gave as an example the recent sale of 1/59 North Steyne, Manly which sold for $3.7 million. “Twelve months ago that would have been a $2.7 million sale.”
In July an apartment in the iconic Grande Esplanade building, in Wentworth St, sold for a block record of $6.5 million to a local downsizer.
503/54-68 West Esplanade, Manly.
Anthony Calacoci, of Belle Property, said the fifth floor apartment, at 503/54-68 West Esplanade, Manly, had three bedrooms, windows on three sides and harbour views. The apartment was offered for the first time since bought off the plan in 1994.
503/54-68 West Esplanade, Manly.
Meanwhile the penthouse of a character block at 1/53 Kangaroo St, Manly has sold for a western hill record of $4.7 million and in just ten days.
Eddy Piddington, of Stone Real Estate Manly, said he had thought the $4.5 million guide was a bit ambitious and although the building had beautiful features it didn’t have a lift and there were stairs to contend with.
1/53 Kangaroo St, Manly.
Downsizers from Castlecrag are the new owners although buyers from the upper and north shore were also chasing the whole-floor apartment with ocean views.
“A $5 million budget is the new $3 million, it was only 12 to 18 months ago that buyers were asking if we had anything in the $3 million range now they are working with a budget of $5 million to $10 million and getting frustrated because there is such limited stock,” Mr Piddington said.
“Now more than ever people are spending more time at home and want lifestyle.”
Agents agreed that being able to walk to get a coffee, have a view, walk to a beach, enjoy parks and fresh air were all more appreciated in a property since Covid hit.
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The post Apartment sale price records fall as buyers chase a Manly lifestyle appeared first on realestate.com.au.
Manly apartments with a view and lifestyle appeal are selling for $1 million more than 12 months ago, as downsizers up their budgets by millions to avoid missing out.
The post Apartment sale price records fall as buyers chase a Manly lifestyle appeared first on realestate.com.au.
